IEA revise up 2022 oil demand

Oil

The International Energy Administration (IEA) raised their oil demand forecast by 800K b/d in their latest Oil Market Report, based on revisions to historical data, Reuters reported. Oil demand is expected to rise by 3.2M b/d y-o-y to reach 100.6M b/d. The report also suggested that Saudi Arabia and the United Arab Emirates have enough spare capacity that could help stabilise oil prices if production were to be increase.